Indian Contract Act - I

It came into force on 1 September, 1872. Indian Partnership Act came into force from the year 1932 and the Sale of Goods Act from 1930.

Any contract opposite to public policy is unlawful contract.
Void contracts are those which were otherwise valid but had become void due to certain event.
A contract is voidable if it is caused by fraud, coercion etc.

Contract is formed by agreement between the parties. Desire is mere intention to do any work. Proposer is the person who makes offer. Promise is the statement of offer made to other party.

The social, domestic and religious agreements are not enforceable.

It means 'meeting of minds'. If the both parties agree upon the same thing in the same sense, it is known as 'consensus ad idem'.

Consideration is something for which the promise of other party is bought.
Offer means the intention made to other party. Promise is the statement of offer made to other party.
Acceptance is the confirmation of the offer.

Any contract unlawful from its inception is void ab initio.
If a contract fulfills all conditions, it is valid contract. A contract is voidable if it is caused by fraud, coercion etc. Void contracts are those which were otherwise valid but had become void due to certain event.

Void contracts are those which were otherwise valid but had become void due to certain event.
If a contract fulfills all conditions, it is valid contract. A contract is voidable if it is caused by fraud, coercion etc. Any contract unlawful from its inception is void ab initio.

A contract is valid if it fulfills the conditions as laid down in Section 10.

The domestic agreements are legally not binding. The contract, the meaning of which is not certain, is not valid. Even to agree for the future is not a contract.

According to Section 11, the persons who are capable to make contract are defined. Section 10 is concerned with essentials of valid contracts. Section 13 defines consensus ad idem and Section 56 is concerned with possibility of performance.

An insolvent person is not competent to contract.

Void contracts are those which were otherwise valid but had become void due to certain event.
If a contract fulfills all conditions, it is valid contract. A contract is voidable if it is caused by fraud, coercion etc. Any contract unlawful from its inception is void ab initio. 

Any contract unlawful from its inception is void ab initio.
Void contract are those which were otherwise valid but had become void due to certain event.
If a contract fulfills all conditions, it is valid contract. A contract is voidable if it is caused by fraud, coercion etc.

Any contract opposite to public policy is unlawful contract.
Void contracts are those which were otherwise valid but had become void due to certain event.
A contract is voidable if it is caused by fraud, coercion etc.

Some contracts arise from the conduct of parties such as the above example.
Express contracts are stated by words written or oral. Standing contacts are applicable to ongoing transactions.

When the obligation pending from both parties is yet to be executed, it is a bilateral contract. (B) is an example of executed contract. (C) and (D) are unilateral contracts.

The person to whom an offer is made is called offeree.

General offer can be accepted by anyone from the public at large.
Specific offer is made to a specific person or to a group. Standing offer is applicable for a specific period of time. When two parties make identical offers at same time to each other, it is a cross offer.

An acceptance can't take place before an offer is made.

In this case, the company advertised its product as a preventive medicine against influenza. Thus, it was public or general offer, which can be accepted by anyone.

All of the above are examples are of invitation to offer which is different from offer.

A specific offer can be accepted by the person or persons to whom it is offered.
A general offer can be accepted by public or third party.

The offer must be accepted within the time specified or otherwise within reasonable time only.